All Forum Posts by: Matt Castle

I'm not a lawyer or CPA, but they would likely argue yes. Possible liability protection and LLC taxed as an S-corp for tax savings.

@Levi Floyd HH would be House Hacking. Lots of old homes in the Tri-Cities to choose from. If it's your first rehab, start with something with good bones and hopefully you can minimize the skilled trades expenses (electrical, foundation, roof, etc). 

Shoot me a DM and I'll give you my number if you want to talk specifics. 

@Levi Floyd

Target rich environment for HH. I used to live in the area so I can help if needed. 

Have you purchased a pre-existing LIHTC complex or converting it to one? I'd make this the determining factor in choosing a PM. 

Some might consider this cheating, but call your local government authority to ask them if they know someone they can recommend. I was a resident manager at one for a brief period and Rural Development (USDA) was great at helping me out anytime I had a question. 

There are several active here in the forums. JC is a good investment zone with lots of older, rehab-needed homes. What investments would you like to make? 

Bump for @Jon A. 's comments. 

JC is a solid market, as is Kingsport. Bristol is so so. 

I generally tell people to look at Gray b/c it's a good commuter city for families with one spouse working in Kingsport and second spouse in JC. Bluff City is also a nice town to consider. 

Lots of family friendly towns in the Tri-Cities area who have thousands of nice old homes that haven't been updated since the 50s-70s, which can later be flipped to Millennials or down sizers who want turnkey. 

Q: What’s after Financial Freedom?

A: Whatever the _______ you want. 

1) 1031 Exchange

2) House hack for 2 years and a day to minimize cap gains.

3) Get the Real Estate Professional tax status. 

4) Get a good CPA who asks LOTS of questions. 

5) If you run a business, look into forming an S-Corp to split W2 vs K1. 

Disclosure: I'm not a tax professional, but read quite a bit about this. 

@Fabian Friedrich Agents generally don't care. FSBO will likely care and might say something unpleasant or sub-optimal.

Some agents won't like the constant writing of offers they know is 99% going to be rejected, so find someone who will do the work, or find an area that's more compelling for your cash flow metrics. NOVA has always been known for this problem even during the 90s so it's just a given. 

Knoxville is pretty cheap. Oak Ridge is roughly double Knoxville. Just moved from OR to west Knox.